Gold climbs on safety rush, supply threat bolsters palladium price
Gold hit a record high of $2,758.37 on Wednesday
Palladium hits a peak since December 2023
US urges G-7 to sanction Russian palladium, titanium -Bloomberg
Significantly more upside price potential for silver -analyst
Updates prices as of 1740 GMT
By Anjana Anil
Oct 24 (Reuters) -Gold prices rose by nearly 1% on Thursday to trade near record highs as safe-haven demand from persistent geopolitical concerns bolstered prices, while palladium saw a 9%surge on concerns of supply sanctions on top-producer Russia.
Spot gold XAU= was up 0.7% at $2,735.55 per ounce by 1:40 p.m. ET (1740 GMT), having retreated from a record high of $2,758.37 on Wednesday . U.S. gold futures GCv1 settled 0.7% higher at $2,748.9.
"What we're really seeing is gold continuing to be viewed as a quintessential hedge against inflationary pressures along with the safe-haven demand and fund inflows, gold continues to be extremely well supported," said David Meger, director of metals trading at High Ridge Futures.
"Uncertainty leading into the U.S. election is one additional pillar of support for the gold market, given the unease that the market may be feeling going into the election."
Expectations of further monetary policy easing by central banks and gold's historical reputation as a hedge against economic and political uncertainty have boosted prices over 32%so far this year, hitting multiple record peaks along the way.
"Concerns around the rising U.S. fiscal debt outlook is strengthening the investment case for gold," ANZ said in a note.
Elsewhere, the United States asked the Group of Seven allies to consider sanctions on Russian palladium and titanium, Bloomberg News reported.
Palladium XPD= jumped 9.2% to $1,154.91, having surged as much as 9.6% to its highest level since December 2023.
"Considering that Russia accounts for about 40% of palladium mine supply, such a decision would tighten the market and see prices rising considerably," UBS analyst Giovanni Staunovo said.
Spot silver XAG= fell 0.3% to $33.64, having hit its highest since late 2012 on Oct. 22. Platinum XPT= rose 0.9% to $1,025.20.
"Silver is the poor man's gold. I think there's significantly more upside price potential for silver, while gold is at a record high or not far below it, silver is still well below its record high," Jim Wyckoff, a senior market analyst at Kitco Metals, said.
Spot palladium - 10-month peak https://tmsnrt.rs/4heOahl
Spot gold price in USD per oz https://reut.rs/3UlCRKq
Reporting by Anjana Anil, Anushree Mukherjee and Ashitha Shivaprasad in Bengaluru; Editing by Emelia Sithole-Matarise, Chris Reese and Shreya Biswas
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